Soccer: Phoenix suitor pays Spanish debt

Fans cheer on the Phoenix during a home game. Photo / Getty Images

The Indian entrepreneur coming to the rescue of the Wellington Phoenix has paid a 2 million euro ($NZ3.57 million) debt to keep the Spanish soccer club he owns from going into administration.

Racing Santander owner Ahsan Ali Syed, who is in talks with Phoenix owner Terry Serepisos to take a 50 percent stake in the club, had also agreed to a plan to pay off 13 million euro the club owes to the Spanish treasury Cantabrian province minister of finance Angel Agudo told the Associated Press.

Agudo said Ali Syed "has saved Racing in a very difficult situation". The new owner also paid off 750,000 euro in incurred debt when he took over the club in January.

Ali Syed emerged as the businessman behind a deal to loan Serepisos $100 million to stave off bankruptcy and liquidation threats.

Five companies owned by Wellington property developer Serepisos - including the one that owns the Phoenix - face liquidation by the Inland Revenue Department for unpaid taxes of more than $3.5 million. That was put aside in the High Court until March 7.

- NZPA